Microcredit in India is delivered through various channels, including microfinance institutions (MFIs) registered as non-banking financial companies (NBFCs), non-banking financial companies (NBFCs), scheduled commercial banks including small finance banks (SFBs), and cooperative banks.

1. Microfinance Institutions (MFIs) registered as NBFCs:
Microfinance institutions (MFIs) play a significant role in delivering microcredit in India. These institutions are registered as non-banking financial companies (NBFCs) and are specialized in providing financial services to low-income individuals and small businesses. MFIs operate at the grassroots level and have a deep understanding of the local communities they serve. They provide small loans, typically without collateral, to borrowers who are otherwise excluded from the formal banking sector.

2. Non-Banking Financial Companies (NBFCs):
Apart from MFIs, non-banking financial companies (NBFCs) also contribute to the delivery of microcredit in India. NBFCs are financial institutions that provide banking services without meeting the legal definition of a bank. They offer a range of financial products, including microcredit, to individuals and businesses. NBFCs often target underserved and financially excluded populations, making them an important channel for microcredit delivery.

3. Scheduled Commercial Banks including Small Finance Banks (SFBs):
Scheduled commercial banks, including small finance banks (SFBs), are another channel through which microcredit is delivered in India. These banks, regulated by the Reserve Bank of India (RBI), provide a wide range of financial services, including microcredit, to individuals and businesses. SFBs specifically focus on serving the unserved and underserved sections of the population, including micro and small enterprises. They have a network of branches across the country, making them accessible to a larger number of borrowers.

4. Cooperative Banks:
Cooperative banks also play a role in delivering microcredit in India. These banks are financial institutions owned and operated by their members, who are usually individuals or small businesses. Cooperative banks provide financial services, including microcredit, to their members at affordable interest rates. They are often rooted in the local communities they serve and have a better understanding of the needs and challenges faced by their borrowers.

In conclusion, microcredit in India is delivered through multiple channels, including microfinance institutions (MFIs) registered as NBFCs, non-banking financial companies (NBFCs), scheduled commercial banks including small finance banks (SFBs), and cooperative banks. These channels ensure that microcredit reaches a wide range of borrowers, including those who are financially excluded or underserved.